Press Statement
The Polit Bureau of the Communist Party of India (Marxist) has issued the following statement:
Yashwant Sinha should Quit the Union Cabinet
The report of the Joint Parliamentary Committee on the stock market scam and the UTI's US-64 collapse has highlighted the all-round failure to prevent successive manipulations of the capital market and the financial system. Such scams have become the norm after deregulation and liberalisation of the financial sector. The JPC report indicates how the regulatory authorities are incapable of checking fraudulent and illegal activities.
The JPC report has held the Finance Ministry accountable for its failure to monitor the UTI leading to the US-64 collapse. Millions of small investors have lost their savings due to this. The then Finance Minister, Yashwant Sinha, must own up responsibility for this gross failure and quit the Union Cabinet.
It is imperative that all those held responsible for the stock market scam among the private bankers, the brokers and officials must be proceeded against without delay.